Shardul Amarchand Mangaldas & Co. (SAM) acted as Indian legal counsel to the Cube Sponsor and the Sponsor Group comprising Cube Highways and Infrastructure II Pte. Ltd., Cube Highways and Infrastructure III Pte. Ltd. and Cube Mobility Investments Pte. Ltd., as well as the Mubadala Selling Unitholder, Seventy Second Investment Company LLC, in connection with the conversion of Cube Highways Trust from a privately listed Infrastructure Investment Trust (InvIT) into a publicly listed InvIT and its initial public offering aggregating to approximately ₹50,000 million (approximately US$524 million) through an offer for sale by the Selling Unitholders.
The transaction marks the first successful conversion of a privately listed InvIT into a publicly listed InvIT in India, representing a significant milestone in the evolution of India’s listed infrastructure investment market. Continuing its streak, SAM has acted on every public offering by an InvIT/REIT this calendar year. The Firm is also advising Altius Telecom Infrastructure Trust on its conversion to a publicly listed InvIT and its recently filed draft offer document.
The SAM transaction team was led by Nikhil Naredi, Partner, supported by Harini Jambunathan, Senior Associate; Veronica Miranda, Senior Associate; Pritha Bhangale, Associate; and Shariba Tasneem, Associate.
The General Corporate team acting on behalf of the Cube Sponsor and Sponsor Group were led by Nivedita Tiwari, Partner and supported by Tweisha Mishra, Senior Associate.